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Uber raises $2B in oversubscribed debut bond sale

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Uber raises $2B in oversubscribed debut bond sale

Uber Technologies Inc. raised $2 billion in its debut bond sale after it increased the offering from $1.5 billion, the Financial Times (London) reported Oct. 18.

The ride-hailing company increased its bond offering after it received more than $3 billion of orders in total, according to an Oct. 17 Bloomberg News report that cited people familiar with the matter. The offer comprised $1.5 billion of eight-year bonds priced to yield 8% and $500 million of five-year securities priced at 7.5%.

Uber confirmed that the Morgan Stanley-led private placement had completed, the Financial Times reported.

The sale comes ahead of the Uber's expected IPO in early 2019, which may value the company at $120 billion.